search query: @indexterm time preference / total: 10
reference: 5 / 10
| Author: | Laibson, D. |
| Title: | Life-cycle consumption and hyperbolic discount functions |
| Journal: | European Economic Review
1998 : MAY, VOL. 42:3-5, p. 861-871 |
| Index terms: | CONSUMPTION SAVINGS TIME PREFERENCE STOCKS MODELS |
| Language: | eng |
| Abstract: | Studies of animal and human behaviour suggest that discount functions are approximately hyperbolic (Ainslie, Picoeconomics, 1992). Hyperbolic models explain a wide range of empirical anomalies. These models also provide a new framework for analyzing the welfare gains that come from pro-saving policies like social security and tax-deferred retirement accounts. |
SCIMA